1. At a Glance
Niyogin Fintech is the fintech equivalent of that one friend who always says,“Bro, trust me, this startup will be unicorn in 3 years.”The company runs everything from money transfers to micro-ATMs, wealth tech, and even dabbling in AI. Revenue is flying at 116% YoY in Q1 FY26, but profits are still playing hide-and-seek. With ₹773 Cr market cap and a business that screams “Jugaad for MSMEs,” Niyogin is basically trying to be Paytm, Bajaj Finance, and Zerodha all rolled into one.
2. Introduction
Niyogin is not your traditional NBFC that just hands out loans and prays they get repaid. Nope, this one is a full-on fintech buffet: credit solutions, payments, wealth tech, SaaS for distributors, and even corporate treasury management for companies with “idle” cash (lol, which Indian promoter has idle cash?).
Its pitch is simple: India’s MSMEs are financially starved, rural Bharat doesn’t have enough banking touchpoints, and tech can solve this gap. Enter: 53,000+ access points, 16.3 lakh BC agents, and 5 crore account holders. If India’s kirana shops were an Avengers squad, Niyogin wants to be their Nick Fury.
But here’s the kicker—despite handling ₹3,450 Cr of monthly GTV, the company barely squeezes out operating profits. It’s like running a dhaba where footfall is insane, but your profit margin is the 2 onions that the waiter pockets.
3. Business Model (WTF Do They Even Do?)
Break it down:
- Rural Tech (iServeU):Micro-ATM, AePS, DMT, bill payments, micro-insurance. Basically, a bank branch in a box.
- Urban Tech:Serving MSMEs with unsecured loans, working capital credit, and wealth platforms. Includes Moneyfront (wealth tech arm) that pushes direct mutual funds and advisory.
- Credit Solutions:From LAP (loan against property) to working capital loans. Basically, lending money and praying for repayment.
- Investment Offerings:Direct plans for MFs, bonds, corporate deposits. They even have a white-labeled SaaS platform for distributors.
- Institutional Side:Helping corporates manage idle treasury cash, plus analytics platforms.
- AI Play:Planning Superscan acquisition, monetizing AI in onboarding, compliance, and risk assessment. Translation: “We’re adding AI to pitch decks so investors nod faster.”
In short: They’re trying to be India’s rural-to-urban financial super app. Execution though? Still beta version.
4. Financials Overview
| Metric | Latest Qtr (Q1 FY26) | YoY Qtr (Q1 FY25) | Prev Qtr (Q4 FY25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹81.8 Cr | ₹37.9 Cr | ₹69.9 Cr | 116% | 17% |
| EBITDA | ₹1.33 Cr | -₹5.67 Cr | ₹0.27 Cr | NA | 393% |
| PAT | -₹1.86 Cr | -₹9.8 Cr | ₹2.68 Cr | 81% | -169% |
| EPS (₹) | -0.14 | -0.68 | -0.03 | 79% | -367% |
Annualised EPS = negative →P/E not meaningful.Verdict: Revenues are sprinting, profits are crawling, losses are slimming, but valuation is still demanding.
5. Valuation (Fair Value RANGE only)
- P/E Method:Not meaningful (loss-making).
- EV/EBITDA Method:EV ₹755 Cr ÷ FY25 EBITDA ~₹2 Cr = 377x (ouch). Even giving fair 25–40x → FV range = ₹40 – ₹65.
- DCF:Assume revenue CAGR 35%, break-even in 2 years, discount 12%. FV range = ₹50 – ₹70.
Fair Value Range: ₹40 – ₹70“This FV range is for educational purposes only and is not investment advice.”
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Update:116% revenue growth, ₹160 Cr disbursements, ₹585 Cr order book. Finally profitable quarter (at EBITDA level).
- Partnerships Galore:Piramal, Tata Capital, L&T Finance, IIFL, Bajaj Finserv. Lending collabs = wedding season guest list.
- AI Foray:Superscan acquisition pending. Will AI actually bring money or just fancier investor decks? Jury’s out.
- Meesho Partnership:Helping the e-comm giant’s sellers access working capital. Imagine: your ₹199 kurti seller on Meesho now backed by Niyogin credit.
- Insurance Partners:Kotak Life & Digit onboard. Because no fintech pitch is complete without “insurtech.”
Question: Bold fintech empire-building or just trying to do everything at once? Drop your verdict below.
7. Balance Sheet
| Metric | FY25 | FY24 |
|---|---|---|
| Assets | ₹571 Cr | ₹452 Cr |
| Liabilities | ₹359 Cr | ₹171 Cr |
| Net Worth | ₹212 Cr | ₹186 Cr |
| Borrowings | ₹96 Cr | ₹54 Cr |
